On Aug. 11, 2022, the U.S. Consumer Financial Protection Bureau issued guidance indicating that financial institutions and service providers that fail to adopt sufficient data security measures to protect consumer
Continue Reading CFPB Warns Insufficient Data Security Measures May Violate Consumer Financial Protection Act

The Consumer Financial Protection Bureau (CFPB or the Bureau) announced it would begin issuing Consumer Financial Protection Circulars (Circulars) to a “broad set of government agencies responsible for enforcing federal
Continue Reading CFPB to Issue Consumer Financial Protection Circulars to Increase Transparency and Align Enforcement

In December 2021, the UK Financial Conduct Authority (FCA) published a consultation to set a higher standard of consumer protection in retail financial markets, an endeavor which began in July
Continue Reading FCA Takes Next Step Towards a UK Consumer Duty: An Update for Regulated Businesses

The Federal Communications Commission (FCC) has proposed rules to implement a provision in the Bipartisan Budget Act of 2015 (Budget Act) that allows robocalls (i.e., calls made with an
Continue Reading FCC Proposes Rules to Limit the Use of Robocalls to Collect Debts Owed to or Guaranteed by the United States

The Senate Banking Committee will mark up a financial regulatory reform bill on May 14 that is expected to include changes to the Dodd-Frank Act. Senate Banking Committee Chairman Richard Shelby (R-AL) is working with Committee Ranking Member Sherrod Brown (D-OH) to put together a legislative package that can win bipartisan support. This is necessary because 60 votes will likely be needed to pass the package on the Senate floor and Republicans have a 54-seat Senate majority. As a result, the Banking Committee’s changes to Dodd-Frank will likely be more consensus-driven and less sweeping than those proposed by a number of House and Senate Republicans and the financial services industry.

The regulatory reform package is likely to include some relief from Dodd-Frank requirements for small and medium sized banks. Chairman Shelby has said these banks did not cause the financial crisis and many enjoy bipartisan support in Congress. A key issue is whether to raise Dodd-Frank’s $50 billion asset threshold that subjects banks to enhanced prudential standards overseen by the Federal Reserve including stress tests, dissolution plans (living wills), and higher capital requirements. During recent hearings, the Banking Committee heard a wide array of proposals to modify the asset threshold, including: raising it to $100 billion, or more; exempting regional banks with over $50 billion in assets from some requirements, such as stress tests and living wills; and restructuring the threshold to tie stricter regulatory oversight to the complexity and riskiness of a bank’s activities, not simply its size. 
Continue Reading Senate Banking Committee Preparing Changes to Dodd-Frank